US Treasury Secretary Steven Mnuchin listens to International Monetary Fund managing director Christine Lagarde before a luncheon with French President Emmanuel Macron and US Vice-President Mike Pence, at the US State Department in Washington, on April 24. Photo: AFP

Opinion

Opinion

Macroscope by Nicholas Spiro

Symbolic US Treasury bond yields matter less than the impact of soaring debt levels

Nicholas Spiro says that the 3 per cent level on 10-year US Treasury bonds may have a certain psychological importance to investors, but is not out of the ordinary historically. What is out of the ordinary is global debt levels, especially as a result of Trump’s policies, and investors should prepare accordingly

US Treasury Secretary Steven Mnuchin listens to International Monetary Fund managing director Christine Lagarde before a luncheon with French President Emmanuel Macron and US Vice-President Mike Pence, at the US State Department in Washington, on April 24. Photo: AFP